Infinity is the fourth largest non-standard auto insurance company in the country. As of March 31, 2006, Infinity had total capital of $844 million. The corporation’s debt-to-total capital ratio was 24%, down slightly from recent levels as capital has grown. Fitch notes that earnings based interest coverage was 16.8 times for the period, and anticipates that the company will continue to maintain adequate interest coverage levels to support debt servicing requirements going forward.

Infinity reported an underwriting combined ratio, on a GAAP basis, of 86.6% for first quarter of 2006, compared with 95% first quarter 2005. First quarter 2006 combined ratio results include 8.1 points of favorable development on prior year loss reserves. The company reported net earned premium revenues of $234 million during the first quarter of 2006.

Infinity’s personal lines insurance operations utilize an extensive independent agency sales force of approximately 15,000 agents principally focused in it’s top 5 focus states, with modest activity in an additional 14 focus states. Infinity reported GAAP consolidated assets of $2.0 billion and total shareholder equity of $644.3 million as of March 31, 2006.

Fitch affirms the following ratings at ‘BBB’. The Outlook is Stable:

Infinity Property & Casualty Corporation

— $200 million Senior Notes due Feb. 18, 2014;

— Issuer Default Rating (IDR).

Fitch affirms the following Insurer Financial Strength Ratings (IFS) at ‘A’. The Outlook is Stable:

— Infinity Insurance Company;

— Infinity National Insurance Co.;

— Infinity Select Insurance Co.;

— Atlanta Casualty Company;

— American Premier Insurance Co.;

— Atlanta Reserve Insurance Co.;

— Atlanta Specialty Insurance Co.;

— Leader Insurance Company;

— Leader Preferred Insurance Co.;

— Leader Specialty Insurance Co.;

— TICO Insurance Company;

— Windsor Insurance Company;

— American Deposit Insurance Co.;

— Coventry Insurance Company;

— Regal Insurance Company;

— Great Texas County Mutual Ins. Co.

Fitch’s rating definitions and the terms of use of such ratings are available on the agency’s public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch’s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the ‘Code of Conduct’ section of this site.